On august 7, Law nº 35/2024 was published, authorizing the Government to repeal the Extraordinary Contribution on Local Accommodation Properties (CEAL). This revocation, already announced, fulfills an election promise and is part of the new package of housing measures that the Government intends to implement.
What is the Extraordinary Contribution on Local Accommodation Properties (CEAL)?
CEAL was established by Law nº 56/2023, of October 6, and applies to local accommodation located in apartments and accommodation establishments that occupy independent units of building intended for housing, with the exception of inland territories. This contribution consisted of an anual rate of 15%, calculated based on factos such as the location and area of the property.
Effects of the revocation of the CEAL
The legislation that will repeal the CEAL will have retroactive effects a december 31 of 2023, and its approval should occur within the next six months at the latest. This measure aims to alleviate the tax burden on owners of properties used for local accommodation.
Changes to the IMI Code
In addition to the revocation of the CEAL, the Government will also amend paragraph 3 of article 44 of the IMI Code. This amendment will be important to adjust the coeficiente of age applicable to real estate where local accommodation establishments operate, allowing for a reduction in the taxable property value of these properties and, consequently, a reduction in the IMI to be paid by owners.
If you would like to know more about the implication of the repeal of the CEAL or the changes to the IMI Code, please do not hesitate to contact us. Our team is available to answer any questions you may have and provide the necessary support regarding these legislative changes.
